Pengaruh Pertumbuhan Perusahaan terhadap Kebijakan Deviden dan Pengaruhnya terhadap Perubahan Harga Saham (Studi Empiris di Perusahaan yang Terdaftar di Jakarta Islamic Index)

Abstract

The purpose of this study was to examine the influence of growth firms on stock price through dividend policy as the intervening variable at the company registered in Jakarta Islamic Index. Growth firms can be explained through IOS proxy, that is, Property and equipment to assets ratio (PPE/V), Capital addition to the firm value ratio (CAP/V), and capital addition to book of assets ratio (CAP/BVA). The population of this study was the companies registered in Jakarta Islamic Index (JII) for the period of 2007-2010. The samples for this study were 20 companies registered in Jakarta Islamic Index for the period of 2007-2010 selected through purposive sampling technique, a technique to determine sample based on certain criteria. There were 80 observations done in this study. The data used in this study were secondary data obtained from financial reports, dividend announcement, and daily stock price. These data were analyzed through Structural Equation Modeling (SEM) supported with AMOS V 16 and Microsoft Office Excel programs. The result of this study showed that growth firms had a significant and negative influence on the dividend policy; the higher the level of firms, the lower the amount of dividend will be given to the stockholders Growth firms did not have any influence on the stock price through dividend policy (indirect influence), however, Growth firms had a direct and positive influence on stock price, the higher the level of growth firms, the higher the stock price will be.